Know Your Customer
For us it is important to know you
We ask you for various personal and customer data when you become our customer, and we update your details when you, say, apply for a loan or a credit card. We will also regularly ask you for information during your customer relationship so that we can serve you in your various life situations as well as possible. This helps us to ensure that the product or service suits you and enables us to fulfil the regulatory requirements on money laundering and terrorist financing.
Banks must have sufficient information on the nature and extent of their customers’ activities as well as their financial status and grounds for using the services. The information must be kept up to date throughout the customer relationship and stored in an appropriate way. By requesting information and clarifications, the bank can understand the grounds of its customers’ ordinary operations and observe and determine any action that differs from that.
Money laundering and terrorist financing have a lot of negative effects on the economy and society. Our duty is to ensure that OP will not be used in concealing any assets acquired through criminal activity, or their source. Responsibility is one of OP Financial Group’s core values and is related to all our business operations.
We ask you, for example:
Your life situation in terms of your financial standing
How you use our banking services and other services
The source of funds or assets
Estimate of cash payments and international payments into or from your account
Whether you, any of your family members or close business associates are entrusted with a prominent public function
Your foreign tax liability
Please note that we never inquire about your personal ID code, online bank user identifiers, card details or passwords by email or over the phone. Never disclose your user IDs to anyone, not even to your family members.
All the information that you give will be handled confidentially.
When I log into the op.fi service, I receive a request to update my customer details and to answer questions about, for example, my life situation, why?
For us it is important to know you. We ask for various personal and customer data during your customer relationship with us so that we can serve you in your various life situations as well as possible and fulfil regulatory requirements. By law, we must know your operations and background as extensively as your customer relationship requires. So we ask for information about the nature and extent of your operations, your financial standing and use of services.
It is necessary to keep the information up to date as long as the customer relationship lasts, which is why we ask questions on a regular basis. If we do not obtain the information required by law, we cannot establish a customer relationship or continue it.
I was asked to provide information on the op.fi service. If I use OP-mobile, will I need to answer the same questions again?
To make sure that we reach all our customers, we ask for information through various channels, such as the online bank (op.fi), OP-mobile, by letter or phone. All the information that you give will be handled confidentially.
We will check both personal data and information related to your use of banking services. We will ask you about matters such as your nationality, your country of tax residence and the source of funds coming to your OP account. We ask the same questions at customer meetings at our branches.
We want to emphasise that we will never ask for your personal user IDs, passwords, card details or your personal identity code by email or phone. If you are uncertain whether the call or message is really from OP, please call 0100 0500. You can securely update your customer details by identifying yourself on op.fi or OP-mobile.
Why does the bank ask for information so extensively?
We ask for various personal and customer data so that we can offer the most suitable solutions for your various life situations and can ensure that the current services meet your needs. In addition, this is how we fulfil the requirements set by regulation because banks must, by law, know their customers. Banks must verify their customers’ identify from a reliable source and must have information on the customers’ financial standing, operations, use of services and the purpose of use of services. Whenever needed, the bank must also investigate the source of funds and assets. How necessary the information is depends on the duration, nature and extent of the customer relationship.
Why does the bank want to know if I use other banks?
In accordance with the guidelines of the Finnish Financial Supervisory Authority, we need to know whether a customer uses our bank as their main bank. We also need to have sufficient information on our customers’ financial standing, activities and purpose of use of services. This is why we ask about what services our customers use in other domestic and foreign banks. In this way, we get an overall picture of the use of services and can also better detect possible unusual transactions, as required by regulation. We handle all information given by our customers in confidence.
How frequently does the bank ask for information?
We ask for your information before the customer relationship begins and we will update it regularly as long as the customer relationship lasts. You can also yourself update your information on the op.fi service, on OP-mobile or by calling OP’s customer service, tel. 0100 0500.
Do all banks ask these questions?
By law, all banks are obliged to ask for information about their customer’s operations, nature and extent of the operations, financial standing and use of services. Banks need to know their customers’ operations and background as extensively as required by the customer relationship. Banks may, however, do so in different ways and at different times. Nevertheless, all banks are bound by the same regulation and official regulations.
I have been OP’s customer for several decades. Why do I need to answer these questions now? I have known my banking advisor in person for many years. My information has not changed since I have been your bank’s customer. Do I nevertheless need to answer these questions?
Yes. The law obliges all banks to ensure regularly that their customer information is up to date. We update not only our new customers’ information but also information on our existing customers. If you have become our customer before the current law came into force or if your financial standing or use of banking services has changed, we may need more information from you than we have needed so far, or we must otherwise ensure that the information is up to date.
Why does the bank ask me about my account transactions?
We need to have sufficient information about how our customers intend to use our services. We ask, for example, for your own estimate of the amount of account transactions, any possible international payments and whether OP is your main bank. This is how we get an overall picture of the purpose of use of the account and also can better identify any unusual transactions.
Why does the bank ask me about for what purpose I withdraw cash or from where I have received the cash I have deposited?
We need to know our customers and store information on their need for services, operations, financial standing and use of services. By law, we must, if necessary, also investigate the source of funds coming into the account or their purpose of use.
How is the source of funds or their purpose of use determined?
In practice, the source of funds or their purpose of use can be determined by filling in a form provided by OP. Supporting documents must often be appended to the form, such as a contract of sale or promissory note.
Is the purpose of asking a question related to political exposure to find out about my political views or political activity?
To prevent misuse of public authority, the law requires us to find out whether you perform an important public function, or whether you are a so-called politically exposed person (PEP) in Finland or in another country, a family member of such a person or a close business associate. We don’t collect information on the political views or political activity of you or your friends and family.
Why does the bank ask about my tax liability abroad? My tax matters are none of the bank’s business, are they?
Finland is committed to international treaties on the exchange of tax information. Banks and other financial institutions are obligated to find out their customers’ country of tax residence and to collect and report taxation-related information on their customers to the Finnish Tax Administration. The Tax Administration, in turn, reports such information to those countries with which Finland has entered into tax treaties.
Do I really have to answer the questions?
Yes. To be able to serve you properly and according to regulation, we must have sufficient and up-to-date information on you until the end of your customer relationship with us. If needed, we will remind you of updating the information or of replying to any request for information.